I agree merchant, and there are synergies between the two...

I agree merchant, and there are synergies between the two companies.

Lichkvaz is located in a world-class mineral belt that contains the Argarak (Cu/Mo) to the south, Kajaran (enormous cu/mo) to the north, and kapan (cu/zn/au) a little further north.

Presentations indicate Lichkvaz contains Ag and Cu, indicating a polymetallic nature, and enormous exploration upside - with no exploration for 20 years.

Tamaya have already got their project off the ground, and have expertise in Cu/au. Iberian are looking to add float cells to their plant to further increase stage 1 recoveries, and gain leverage to bouyant base metal prices.

I think TMR's production/project development expertise coupled with IBR's exploration/acquisition expertise fit together nicely, and do not see it as a sell-out.

Seperately perhaps both companies were too small-cap - going forward the combined entity is better positioned to finance their projects.

Just my opinion, and happy to hear anyone elses.